It is absurd to have a government agency with this kind of power be the agency immune from such audits.
Thank you, Mr. Chairman. I want to thank you for holding these hearings because I think they are very important.
The Federal Reserve is hardly a protector of the consumer when it distorts the interest rate that is paid to the savers.
But when you prop-up policies that are bad, ultimately the consumer is hurt by these regulations because the market doesn't hold them in che...
I am concerned about the history of regulation. We don't have a real good record that regulations prevent problems.
Who suffers? The consumer, the people who lose their jobs, the poor people, the middle class.
The middle class gets wiped out because the value goes down.
But here in this country, if you happen to want to use silver and gold as legal tender, you go to jail.
I am a believer that interest rates, like prices, should be set by the marketplace.
It seems like we in the Congress should have the responsibility for protecting the public interest by knowing more about what you are doing.
I think it is in the public interest that we have an unfettered debate within the Open Market Committee...